"Manhattan's Home Market Sees Prices Rise Amid Record Cash Sales Despite Sales Dip"

Manhattan's luxury-home market saw a robust end to 2023, with a 9.1% increase in sales over $20 million and a total volume exceeding $530 million, marking a 37.6% rise from the previous year. Despite higher mortgage rates, average and median apartment prices rose, driven by a few high-end sales. The median sale price for luxury homes reached $6.125 million in Q4, up from the previous year. The market for homes priced between $500,000 and $1 million saw a slight decline, while Tribeca emerged as Manhattan's most expensive neighborhood. Looking forward, experts anticipate potential market shifts in 2024, influenced by factors such as the presidential election, mortgage rates, and high rents.